Core Viewpoint - The "Walk in China: Discover Wuhan" media event aims to promote cultural exchange and cooperation among countries, highlighting Wuhan's blend of technological innovation and historical heritage [1][2]. Group 1: Event Overview - The event was launched on May 7, featuring a performance by Chinese talent and participation from foreign diplomats and media from countries such as Vietnam, Laos, Nepal, Indonesia, and Turkey [1]. - The initiative is organized by the Wuhan Municipal Publicity Department and the Central Radio and Television Station's Asia-Africa Center, marking the first stop of the "Walk in China" series [1]. Group 2: Diplomatic Engagement - Diplomats expressed intentions to strengthen cooperation, with Vietnam's ambassador noting Wuhan's cultural significance and its appeal as a tourist destination for Vietnamese and global visitors [1][2]. - Nepal's ambassador highlighted Wuhan as a model of sustainable development and innovation, emphasizing the city's rapid transformation and high-quality growth [2]. Group 3: Cultural and Economic Exchange - The Indonesian deputy ambassador mentioned potential collaboration in the electric vehicle sector, leveraging Wuhan's manufacturing base and Indonesia's strategic resources [2]. - The media team visited various cultural and historical sites in Wuhan, including the Yellow Crane Tower, which sparked reflections on cultural ties and the importance of cultural exchange [2][3].

中国证监会主席吴清5月7日在国新办新闻发布会上表示，证监会将全力抓好贯彻落实，坚持"两强两 严"，坚定不移办好自己的事，既努力在市场运行上体现"稳"，同时在激发市场活力、强化市场功能上 体现"进"。 将出台深化科创板、 创业板改革政策措施 "在广大投资者和市场参与各方共同努力下，A股市场经历了初期实际上也就一天的大幅波动后持续反 弹、回稳向好，展现出较为强劲的韧性和抗风险能力。"吴清说。 他表示，证监会将全力巩固市场回稳向好势头。强化市场监测和风险综合研判，动态完善应对各类外部 风险冲击的工作预案，全力支持中央汇金公司发挥好类"平准基金"作用，中央汇金公司在前方进行强有 力操作，中国人民银行作为后盾，这是全世界最有力有效模式之一。配合人民银行健全支持资本市场货 币政策工具长效机制，更好发挥市场各参与方的稳市功能。 突出服务新质生产力发展这个重要着力点。吴清介绍，重点抓好几件事：一是近期将出台深化科创板、 创业板改革政策措施，将择机发布，在市场层次、审核机制、投资者保护等方面进一步增强制度包容 性、适应性，同时尽快推动典型案例落地。二是抓紧发布新修订的《上市公司重大资产重组管理办法》 和相关监管指引，更好发挥资 ...

中国驻挪威大使馆经济商务参赞陈文林出席座谈会并致辞，中国国际进口博览局副局长戈宏出席座 谈会并发言，挪威阿克海洋生物首席运营官André Eriksen作参展分享。 图片 陈文林参赞表示，中挪两国都是自由贸易坚定的支持者。在当前国际经贸形势不确定性增多的大环 境下，两国高层一直保持良好的对话与合作，中国近期在签证、投资和市场开放等领域推出了一系列措 施，彰显继续扩大开放的决心。进博会是中国对外开放的窗口，希望有更多的挪威企业用好进博会平 台，推动中挪经贸合作再上新台阶。 图片 （原标题：一"挪"千金 相约进博——第八届进博会在挪威举办推介活动） 图片 当地时间4月28日下午，第八届中国国际进口博览会挪威座谈会在奥斯陆顺利举办。本次活动由中 国国际进口博览局、中国驻挪威大使馆、国家会展中心（上海）共同主办，取得圆满成功。 挪威阿克海洋生物首席运营官André Eriksen分享了连续七届参加进博会的感受，表示进博会为其带 来了巨大商机，也为外国企业了解、开拓中国市场，寻找合作伙伴，与政府开展对话提供了有效帮助， 并表示将继续积极参展。 图片 戈宏表示，中国和挪威在清洁能源、消费品、海产品等诸多领域贸易往来密切， ...

Monetary Policy Measures - The central bank has introduced three categories of measures, including quantity-based policies to increase long-term liquidity supply, price-based policies to lower interest rates, and structural policies to enhance the implementation of monetary tools [1][2] - The reserve requirement ratio has been reduced by 0.5 percentage points, bringing the average level down from 6.6% to 6.2%, which is expected to provide approximately 1 trillion yuan in long-term liquidity [1] - The policy interest rate has been lowered by 0.1 percentage points, with the 7-day reverse repurchase rate decreasing from 1.5% to 1.4%, likely leading to a similar decline in the Loan Prime Rate (LPR) [1] Structural Financial Policies - A new 500 billion yuan "service consumption and pension refinancing" initiative has been established to guide commercial banks in increasing credit support for service consumption and pension sectors [2] - The quota for agricultural and small enterprise refinancing has been increased by 300 billion yuan to support banks in expanding loans to rural, small, and private enterprises [2] - The central bank has introduced a risk-sharing tool for technology innovation bonds, providing low-cost refinancing funds to purchase these bonds [2] Regulatory Measures - The Financial Regulatory Bureau plans to implement eight incremental policies, including accelerating the introduction of financing systems compatible with new real estate development models to stabilize the real estate market [3] - There will be adjustments to regulatory rules, with a 10% reduction in risk factors for stock investments to encourage insurance companies to increase market participation [3] - Policies supporting small and private enterprises' financing will be introduced to enhance coordination in financing efforts [3] Market Stability Initiatives - The China Securities Regulatory Commission is focused on maintaining market stability and gradually advancing market openness, including enhancing cross-border regulatory cooperation [4] - Measures will be taken to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, improving system inclusiveness and adaptability [4] - The commission is also working on revising major asset restructuring management rules to support mergers and acquisitions more effectively [4]

证 券 研 究 报 告 对外开放力度继续加大——政策周观察第 27 期 ❖ 本周主要关注政治局会议，其他政策出台相对较少。具体参考点评《以确定 性应对不确定性——从投资视角学习 4.25 政治局会议精神》。 1）政策定调未发生明显变化。会议强调，要"坚定不移办好自己的事……以 高质量发展的确定性应对外部环境急剧变化的不确定性"。 2）宏观政策，强调要"要加紧实施更加积极有为的宏观政策"。财政政策，要 求"加快地方政府专项债券、超长期特别国债等发行使用"；货币政策，"设立 新型政策性金融工具"。 3）消费方面，强调服务消费，"设立服务消费与养老再贷款"。 4）产业方面，"加快实施'人工智能+'行动"。当天政治局集体学习也是以 人工智能为主题，总书记强调要"坚持自立自强 突出应用导向 推动人工智能 健康有序发展"。 5）涉企问题上，"加快解决地方政府拖欠企业账款问题"；"对受关税影响较大 的企业，提高失业保险基金稳岗返还比例"。 ❖ 近一周，对外开放相关政策较多： 1）自贸区政策：4 月 21 日，中共中央 国务院印发《关于实施自由贸易试验 区提升战略的意见》。从对外贸易、投资自由化便利化、科技创新、数据流动、 ...

Core Insights - The Shenzhen Qianhai Shekou Free Trade Zone has experienced rapid growth since its establishment in April 2015, with total foreign trade import and export value increasing from 71.2 billion to 537.98 billion yuan over the past decade, averaging an annual growth rate of over 25% [1] - The area has introduced 882 institutional innovation achievements, with 104 of them replicated nationwide, and has ranked first in the institutional innovation index for three consecutive years from 2022 to 2024 [2] Trade and Investment - The Qianhai Free Trade Zone has implemented measures to enhance trade liberalization and facilitation, including a "one inspection, one certification, one passage" model for customs clearance between Shenzhen and Hong Kong [3] - The zone has established the "Shenzhen Qianhai e-Station" platform to provide comprehensive overseas services for enterprises, gathering 180 service providers and offering over 60 types of services [3] - In 2024, the cross-border e-commerce import and export value in Qianhai is expected to reach 121.03 billion yuan, marking a 104% increase [7] Legal and Regulatory Framework - The Qianhai Hong Kong International Legal District has introduced policies allowing Hong Kong-funded enterprises to apply Hong Kong laws, creating a multi-level legal institution system [3] - A training program focused on cross-border legal services was launched to assist Chinese enterprises in expanding into European markets, enhancing their confidence in overseas operations [4] Integration with Hong Kong - Qianhai has strengthened integration with Hong Kong and Macau, allowing professionals from these regions to practice in Qianhai without taking local qualification exams [5][6] - The "Qianhai Construction of Deep Integration Development Leading Area Action Plan" aims to enhance the convenience of employment and life for Hong Kong residents in Qianhai by the end of the year [6] Future Outlook - The Qianhai Free Trade Zone plans to continue aligning with international trade rules and explore innovative reforms in telecommunications, healthcare, and education sectors [9] - The area aims to become a high-quality open hub, serving as a key connection point for domestic and international dual circulation [9]

集聚各类金融机构千余家；金融机构资产规模占全国三分之一……历经30余载耕耘，位于首都核心区的 北京金融街汇聚资本目光，已成为全国乃至全球金融资源最密集的区域之一。 面对全球经济形势的不确定性，已过而立之年的北京金融街步履坚定。这里不仅聚集众多国家级金融管 理机构和头部企业，更形成了从政务服务、楼宇经济到生活配套的多层次支撑体系。穿行其中，不仅能 感受到这条街浓厚的金融气息，更能读懂"北京服务"背后沉甸甸的制度优势和营商温度。 打造金融机构首选地 晨光洒落，2.59平方公里的北京金融街核心街区内楼宇林立，车流穿梭。作为全国最具影响力的金融功 能区之一，这片街区不仅承载着城市金融发展的厚重脉络，也不断焕发出新时代的创业活力。 近年来，在写字楼市场整体需求偏弱的背景下，北京金融街商务楼宇一直展现出高品质竞争力。戴德梁 行数据显示，2021年至2025年一季度，金融街租金水平、十年历史平均吸纳率等各项指标均处于领先地 位。合理的租金和空置率，不仅提升了企业搬迁和扩租的灵活性，也在外部环境复杂多变的当下，为优 化营商环境留足空间。 高力国际发布的今年一季度北京写字楼市场报告也显示，金融街市场空置率持续回落，目前依然是北 ...

Core Points - The issuance of RMB green sovereign bonds in London is a significant step for China in promoting green transformation and sustainable development, aligning with the characteristics of Chinese modernization [3] - The event highlights China's commitment to opening up and sharing development opportunities with the world, emphasizing the importance of international cooperation [3] - There is substantial potential for cooperation between China and the UK in clean energy development, green transformation, and climate change response [4] Group 1 - The RMB green sovereign bond issuance is a key initiative reflecting the outcomes of the 11th China-UK Economic and Financial Dialogue [3] - China aims to enhance practical cooperation with the UK across various sectors, inviting participation in high-quality development [3] - The Chinese government opposes the US's imposition of high tariffs on Chinese products, viewing it as a violation of WTO rules and detrimental to the multilateral trade system [4] Group 2 - The Chinese ambassador emphasized the need for mutual respect and non-interference in internal affairs as foundational principles for China-UK cooperation [4] - The call for strengthened international collaboration against unilateralism and protectionism is crucial for maintaining global trade stability [4]

3月2 8日上午，国家主席习近平在北京人民大会堂会见国际工商界代表。 习近平强调，改革开放使中国快速进入世界市场、大踏步赶上时代，重要一条就是积极利用外 资。外资企业来华投资，带动了中国经济增长和就业，促进了中国技术和管理进步，助推了中 国改革开放。 习近平指出，对外开放是中国的基本国策，中国正在推进高水平对外开放，稳步扩大规则、规 制、管理、标准等制度型开放， 开放的大门只会越开越大，利用外资的政策没有变也不会变 。 中国过去是、现在是、将来也必然是外商理想、安全、有为的投资目的地，与中国同行就是 与机遇同行，相信中国就是相信明天， 投资中国就是投资未来 。 习近平强调，中共二十届三中全会已经对深化外商投资和对外投资管理体制改革制定路线图和 时间表。中国将以降低市场准入门槛为重点，进一步扩大开放；保障在华外资企业同等享受国 民待遇，维护市场公平竞争；加强同外商沟通交流，为其来华贸易投资尽可能提供便利，依法 保护外资企业合法权益。同时，中国将坚定不移走和平发展道路，努力为外资企业发展营造良 好外部环境。 母基金研究中心关注到， 3月2 3日至2 4日召开的中国发展高层论坛，作为每年全国两会后首个 举办的"国家 ...

Core Viewpoint - The government work report outlines the economic and social development goals for 2025, emphasizing a GDP growth target of around 5%, urban unemployment rate of approximately 5.5%, and a focus on improving residents' income and consumption levels while maintaining ecological sustainability [2][18]. Group 1: 2024 Work Review - The past year saw China's GDP reach 134.9 trillion yuan, growing by 5%, contributing about 30% to global economic growth [7]. - Urban employment increased by 12.56 million, with an average urban unemployment rate of 5.1% [7]. - The report highlights significant advancements in high-tech manufacturing and innovation, with the production of new energy vehicles exceeding 13 million units [8]. Group 2: 2025 Economic and Social Development Goals - The main expected targets for 2025 include a GDP growth of around 5%, urban unemployment rate of about 5.5%, and a consumer price increase of around 2% [18]. - The report emphasizes the need for synchronized growth in residents' income and economic growth, alongside maintaining international balance of payments [18]. Group 3: Government Work Tasks for 2025 - The government aims to boost domestic demand by enhancing consumption and investment efficiency, with a focus on addressing consumption shortfalls [23]. - There is a commitment to develop new productive forces and modernize the industrial system, promoting the integration of technology and industry [24][25]. - The report stresses the importance of enhancing social welfare and improving living standards through targeted policies [14][36]. Group 4: Fiscal and Monetary Policies - The fiscal policy will see a deficit rate of around 4%, with total government debt expected to increase by 2.9 trillion yuan [20]. - A moderately loose monetary policy is planned to ensure liquidity and support economic growth, with measures to lower financing costs for businesses [21]. Group 5: Risk Management - The report outlines strategies to stabilize the real estate market and manage local government debt risks, emphasizing the need for effective financial management [34][35]. - It also highlights the importance of preventing systemic financial risks while promoting sustainable economic growth [34]. Group 6: Rural Development and Agriculture - The government will prioritize agricultural productivity and food security, aiming to stabilize grain production and enhance the quality of agricultural products [36]. - Efforts will be made to consolidate poverty alleviation achievements and ensure sustainable rural development [37]. Group 7: Urbanization and Regional Development - The report emphasizes the need for coordinated urbanization and regional development, focusing on improving infrastructure and public services in rural areas [38][39]. - It aims to enhance the quality of urbanization by integrating urban and rural planning and governance [38].